AML & CTF Laws

Information on the Anti-money laundering and counter terrorism financing laws in Australia

AML & CTF Laws

The new Anti-Money Laundering and Counter Terrorism Financing Law commences on 13 December, 2007.

The goal of most criminal acts is to generate a profit. Money laundering  is the process of disguising the proceeds of criminal activities. Terror financing is the financing of terrorists, terror groups and terrorist acts. These groups also use the financial system to move funds and disguise their activities. Both money laundering and terror financing are serious crimes.

Anti-Money Laundering and Counter Terrorism Financing laws are designed to detect and deter money laundering and terror financing and to make the Australian financial system hostile to these activities. These new laws replace the present Financial Transaction Reporting Act which required Family First Bank to verify members at the opening of an account and report significant cash transactions. This verification will continue and you may be asked to re-verify yourself should you take up additional services.

By verifying your identity you are helping to protect Australian businesses from being misused for the purpose of criminal activity.

Should you require additional information, please visit the home affairs website click here to visit their website.

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